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Corporate Ownership and Managerial Turnover in China and Eastern Europe: A Comparative Meta-Analysis

Ichiro Iwasaki (), Xinxin Ma and Satoshi Mizobata

No 2019-1, CEI Working Paper Series from Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University

Abstract: In this paper, we perform a meta-analysis of 736 estimates extracted from 31 previous studies to compare China and Eastern Europe from the viewpoint of the relationship between corporate ownership and managerial turnover. Our results strongly suggest the presence of asymmetric circumstances between the two: Namely, in Eastern Europe, private outside investors and large shareholders exert a positive influence on managerial discipline of the companies they invest in, and the government is also actively involved in the corporate governance of state-owned enterprises. In contrast, the Chinese government and the Communist Party of China have such significant control over companies as corporate owners that private shareholders only have limited influence over top management. In this sense, Chinese firms are more likely than their East European counterparts to face a greater problem in corporate governance.

Keywords: corporate ownership; managerial turnover; meta-analysis; publication selection bias; China; Eastern Europe (search for similar items in EconPapers)
JEL-codes: D22 G32 G34 G38 P21 P31 (search for similar items in EconPapers)
Pages: 29 , [17] p.
Date: 2019-04
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-cna and nep-tra
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